Agenda 2009 review Site survey results Environmental impact statement (EIS) Contracting the Ocean Guardian 2010 outlook Drilling Toroa Contracting a deepwater rig Funding 2
2009: Site surveys Why Safety Risk mitigation and cost control Well design Government requirements Insurance 3 survey elements Deployment of wave and current meters Digital site survey & benthic sampling Geotechnical…
2009: Site survey results Benign ocean currents confirmed by long term current meter data Multibeam & grab surveys indicate: Smooth/soft seabed at Toroa Hard/eroded seabed at Loligo Geotechnical boring confirmed very different…
2009: Environmental impact statement A comprehensive EIS submitted in October 2009 Major document appropriate for first drilling in the East Falklands Basin Initial well design Physical environment: sea bed, oceanography, meteorology…
2009: Contracting the Ocean Guardian BHPB developed concept of using the Ocean Guardian during Q3 2009 Rig upgraded to drill in 600 metres of water Additional BOP control systems, anchoring and riser Mobilisation costs shared with…
Why a two rig programme Due to its location, the Toroa prospect is best drilled by an anchored rig, such as the Ocean Guardian. Whereas, Loligo and the other deepwater prospects (1000m water depth) are best suited to being drilled by…
Toroa: The first well to be drilled in East Falkland Basin Toroa is a prospect within the Springhill Sandstone Play, which is the proven play in the Argentine Magallanes basin to the west The Toroa prospect is supported by a seismic…
Contracting a deepwater rig BHPB actively looking for a deepwater rig BHPB continues to seek a suitable drilling rig in order to commence drilling in late 2010 Deepwater rig market improving, but still tight Possible rig share will…
Funding Successful equity fund raisings in May & November 2009 Current cash position c.93 million Sufficient funds for a 3 well programme Farm-out on hold 11
Summary Successful site survey programme EIS submitted & approved by Falkland Island Government 2 successful equity fund raisings Sufficient funds for a 3 well programme Ocean Guardian contracted Toroa well to commence shortly…
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